The Equipment Leasing and Finance Association's (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $827 billion equipment finance sector, showed its overall new business volume for November was $6.6 billion, up 3 percent from new business volume in November 2012. Month-over-month, new business volume was down 13 percent from October. Year to date, cumulative new business volume increased 5 percent compared to 2012.
Receivables over 30 days were at 1.8 percent in November, up slightly from 1.5 percent in October. Delinquencies declined from 2 percent in the same period in 2012. Charge-offs declined to once again match the all-time low of 0.3 percent from 0.4 percent the previous month.
Credit approvals totaled 76.5 percent in November, a slight decrease from 77.6 percent the previous month. Forty-seven percent of participating organizations reported submitting more transactions for approval during October, a level more in line with previous months' activity after a spike to 82 percent last month.
Finally, total headcount for equipment finance companies was up 1.4 percent year over year.
Separately, the Equipment Leasing & Finance Foundation's Monthly Confidence Index (MCI-EFI) for December is 55.8, a decrease from the November index of 56.9,reflecting industry concerns over uncertainty regarding capital expenditures (capex) and competitive market pressures in 2014, among other issues.